CenturyLink Inc. on Wednesday reported a first-quarter loss of $6.17 billion, compared to a $115 million profit a year earlier, or 11 cents per share.
The Monroe-based company communications company said it had a loss of $5.77 per share in this year's first-quarter. Earnings, adjusted for non-recurring costs, were 34 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 27 cents per share.
The company posted revenue of $5.65 billion in the period, missing Street forecasts. Five analysts surveyed by Zacks expected $5.73 billion. During the first quarter of 2018, the company had $5.95 billion in revenue.
CenturyLink shares have decreased 25% since the beginning of the year because of declining demand for low-bandwidth service and consumer broadband. The telecommunications industry has shifted to fiber and high-bandwidth services. In the final minutes of trading on Wednesday, shares hit $11.43, a fall of 37% in the last 12 months.